https://www.taxtmi.com/caselaws?id=300853 A life insurance business is computed as one integrated framework under section 44 and the First Schedule, so amounts shown in the shareholder's account are not separately taxable from business income. Actuarial negative reserve cannot be adjusted by the tax authority outside the insurance valuation regime where the prescribed computation applies. Dividend income retains exemption under section 10(34) even when reflected in actuarial surplus, and income attributable to an approved pension fund continues to qualify for exemption under section 10(23AAB) if the statutory conditions are met. en-us Thu, 29 Aug 2019 00:00:00 +0530 Mon, 28 Feb 2022 20:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300853 A life insurance business is computed as one integrated framework under section 44 and the First Schedule, so amounts shown in the shareholder's account are not separately taxable from business income. Actuarial negative reserve cannot be adjusted by the tax authority outside the insurance valuation regime where the prescribed computation applies. Dividend income retains exemption under section 10(34) even when reflected in actuarial surplus, and income attributable to an approved pension fund continues to qualify for exemption under section 10(23AAB) if the statutory conditions are met. Case-Laws Income Tax Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300853